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Bermuda functions as one of the top rated offshore jurisdictions offering a highly advanced e-commerce environment. The government of Bermuda has taken the mandate to attract e-business with appropriate legislation, and through its support regarding the development of e-commerce facilities.
Bermuda’s system of government is similar to that of the United Kingdom in that there are two legislative chambers; the House of Assembly and the Senate. However, Bermuda is externally a self-governing overseas territory reinforcing the theme that the country in itself is responsible for making its own laws.
Analysts have reported that Bermuda enjoys one of the highest per capita incomes in the world simply through utilizing its advantageous location in providing financial services for international firms and luxury investors. With the emphasis on economic stimulus, the government sought to establish the conduct of electronic transactions on a technology-neutral basis.
It is to this end that The Electronic Transactions Act 1999 was passed which speaks to international standards, including the UNCITRAL Model Law on electronic commerce. According to Bermudian officials “the Act sets out to promote public confidence in the validity, integrity, and reliability of electronic transactions, and promotes the development of the legal and business infrastructure necessary to implement electronic transactions securely”.
To further develop e-commerce in the country the government then established The Code of Conduct, May 2000 which was designed to encourage businesses to observe integrity, protect personal data, avoid abusive usage, advertise truthfully, deal fairly and openly with customers, and settle complaints and disputes quickly. Given that the world is in its digital and information technology era, the government has commissioned the Department of E-Commerce with its sights set on hardening security and ameliorating identity management in its e-government planning and Portal demonstrating the country’s reputation for responsibility and trust.